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Moody's downgrades ICICI's future bond sale via Bahrain branch

Ratings agency Moody's today downgraded ratings on ICICI Bank's future bond issuance through its Bahrain branch under the medium term notes (MTN) programme, but retained the ratings on its existing bonds, reported PTI.
We have downgraded the provisional ratings on forex currency senior unsecured MTN programme of the bank's Bahrain branch to Ba2 from Baa3, because the forex bond ceiling for Bahrain is now at Ba2, Moody's said in a note.
At the same time, we've retained the Baa3 ratings on its forex senior unsecured outstanding debt raised through this branch, Moody's added.
When contacted, the bank said the rating action is linked with Bahrain's sovereign rating, and not with ICICI Bank. The rating of the bonds, which have already been issued out of our Bahrain branch, has been reaffirmed.
Downgrading of Bahrain's rating would mean that any future bond issuance out of our Bahrain branch would carry a lower rating. We do not intend to make any such issuances, the bank said in a statement.
Moody's also downgraded the branch's counterparty risk assessment to Ba1(cr)/not prime (cr) from Baa3(cr)/P-3 (cr), apart from downgrading the local currency country risk ceiling for Bahrain to Ba1.
The downgrading of the provisional ratings on the foreign currency senior unsecured MTN programme for the Bahrain branch to Ba2 is solely on account of the forex bond ceiling of Bahrain, which was downgraded to Ba2, it said.
Similarly, the downgrading of the branch's CRA is solely on account of the local currency country risk ceilings of Bahrain, which is also downgraded to Ba1.
All other ratings under the MTN programme of the bank remain unchanged, Moody's said, adding the outlook on all ratings is stable.
On the ratings rationale, the agency said it affirms the ratings on the outstanding forex senior unsecured bonds issued by the Bahrain branch under the MTN programme at Baa3, on the basis of an unconditional standby letter of credit on these outstanding bonds through ICICI's Dubai branch.
The features of the standby letter of credit satisfy the key criteria required to achieve full credit substitution. Consequently, ratings of these instruments are in line with Baa3 forex senior unsecured ratings of Dubai branch, it said.
It also affirmed the forex senior unsecured debt rating of the Bahrain branch as the only bonds outstanding are those covered by the standby letter of credit.

18-08-2017 00:47

Usha Martin Education appoints two independent directors

Usha Martin Education & Solutions, engaged in educational support services, on Thursday said Manoj Kumar Vijay and Nitin Sharma have been appointed as the independent and non-executive directors of the company with effective from August 17, 2017.
“Manoj Kumar Vijay and Nitin Sharma have been appointed as the Independent and Non-Executive Directors of the Company w.e.f 17th August, 2017,” said Usha Martin Education & Solutions in a filing to the Bombay Stock Exchange.
Meanwhile, shares of company closed day’s trade at Rs 2.16 apiece, down 4.85 per cent, on the Bombay Stock Exchange.

17-08-2017 17:38

Infosys board to consider Rs 13,000 cr share buyback on Aug 19

The board of Infosys, India's second largest software services firm, will meet on August 19 to consider a Rs 13,000-crore share buyback proposal.
The share buyback -- which will be the first in the company's 36-year history -- has been a long standing demand by some of the founders and high-profile former executives, who have been pushing Infosys to return surplus capital to its shareholders.
Bowing to the demand, the Bengaluru-based company had in April announced that it will pay up to Rs 13,000 crore to shareholders during the current financial year through dividend and/or share buyback.
The IT firm had recently adopted a new Articles of Association that included a provision for buyback.
...The Board of Directors of Infosys Ltd will consider a proposal for buyback of equity shares of the company at its meeting to be held on August 19, 2017, Infosys said in a regulatory filing late last night.
It added that the outcome of the board meeting will be disseminated to the stock exchanges after the conclusion of the meeting.
The company, however, did not outline the details of the proposed share buyback in the regulatory intimation.
Meanwhile, shares of the company closed trading at Rs 1021.15 apiece, up 4.54 per cent from the previous close on BSE.

17-08-2017 17:21

Axis Bank launches new home loan product

Aiming to ramp up its mortgage book volumes and expecting better credit behaviour, Axis Bank today launched a home loan product that entails waiving off a few EMIs during the course of a loan, reported PTI.
The third largest private sector lender will waive off four equated monthly instalments (EMIs) each at the end of the fourth, eighth and the 12th year of a two-year loan.
This means that if a borrower takes a 20-year loan, the consumer will get 12 of the EMIs waived off, which the bank claimed will help save Rs 3.09 lakh on a Rs 30-lakh loan.
The waivers will be applicable for loans of up to Rs 30 lakh and will be given in the form of reduction in loan tenures, it said, adding that the interest rate stays the same at 8.35 per cent.
When asked if it will impact the net interest margin as the total tenure is coming down, executive director Rajiv Anand said the bank will benefit from better credit behaviour and longevity of a loan as pre-payments will be less.
But a single missed EMI will disqualify the borrower from getting the benefit, while on the longevity front, the incentives can help reduce prepayments, he said.
Asked if this would qualify as a 'teaser loan' about which the regulator has had many concerns in the past, a senior bank official replied in the negative, saying there is no differential rates of interest applied here, which is the typical hallmark of a teaser loan.
The bank already has a special product for the affordable housing segment called 'Asha', while the new product is christened 'Shubh Arambh', the official said, adding the former is aimed at the lower income group (of loans up to Rs 25 lakh).
At present, Asha loans account for around 5 per cent of its mortgage book, Anand said. As of June, home loans constituted a whopping 44 per cent of the Rs 1.68 trillion retail portfolio of the bank.
The new product is aimed at first-time home buyers but can be availed of by those switching lenders as well, Anand said.

17-08-2017 17:01

Cambridge Technology appraised at CMMI Level 5

Cambridge Technology, a leading global technology company, on Wednesday said that it has been appraised at Level 5 of the CMMI Institute’s Capability Maturity Model Integration (CMMI) v1.3 for its services. The appraisal was performed by QAI Consulting.
CMMI is a capability improvement approach that provides organizations with the essential elements of effective processes that ultimately improve their performance. An appraisal at maturity level 5 indicates that the organization is performing at an “optimizing” level. At this level, an organization continually improves its processes based on a quantitative understanding of its business objectives and performance needs. The organization uses a quantitative approach to understand the variation inherent in the process and the causes of process outcomes.
In order for CT to build a practice that is innovative, it has laid the foundation of a self-learning organization and as part of that CT is continually proud to be one of the ~30 companies appraised at this level for services in India. CT is also one of the few organizations in the world with 100 percent AWS certified Cloud Operations Centre with proven experience of over 10 million instance management hours.
“In the past, CT has been appraised at CMM Level 5 v1.1, CMMI Level 5 v1.2, CMMI L5 v1.3 for development and maintenance projects and maintaining this highest level in CMMI for its services,” said Cambridge Technology in a filing to the Bombay Stock Exchange.
In acknowledgment of the achievement, Aashish Kalra, Chairman of CT, commented, “CT achieves a milestone to become a self-learning and innovating organization and being appraised at the highest level of CMMI for our services demonstrates our focus and commitment towards continuous process maturity, innovation and delivering value to our customers. We are continually proud to maintain the highest standards of software quality & engineering in our organization and be part of a select group of global companies appraised at the highest level.”

The Board of Director at their meeting held on Tuesday 30th May, 2017 has approved the Audited Financial Result for the quarter and year ended March 31, 2017 along with Auditor Report and Declaration pursuant to Regulation 33(3) (d) of SEBI (LODR).

The Meeting of Board of Directors of the Company will be held on 30th May, 2017 to consider and take on record, inter alia, the Audited Financial Results for the quarter and year ended 31st March, 2017. Further, The Company's Code of Conduct for Prevention of Insider Trading, the trading window for dealing in the securities of the Company will remain closed for the directors, officers, and designated employee of the company covered under the said Code from 19th May, 2017 to 01st June, 2017 (both days inclusive) for the purpose of Audited financial result for the quarter & year ended 31st March, 2017.

Corporate Details

About Management

Allied Computers International (Asia) Limited was established in India on
09th May 2002 to deal in Laptop computers and to market the ACi brand in
India and abroad. Today the Company serves as a national hub for supply
of ACi branded and OEM laptop computers, chips level repairs service for
all brands of laptop computers and its parts including motherboards, TFT
screens, inverter cards, optical drives and keyboards. ACi plans to extend
this globally continuing its services from India. This shall be done in phased
manor.
ACi has won several awards including Best Notebooks of the Year 2002,
2003 and Gold and Silver awards for Best Performance and Value for year
2004 from three most major IT magazines; Digit, Chip and PC Quest. ACi
has been accredited as the Best laptop service providers in the industry by
country's most reputed underwriters.
The company is ISO 9001:2000 compliant for quality management. The
Company is known in the industry to set prices for laptops. It is also know
in the industry for service solution providers for all brands of laptops.
It has developed dealers and stockists at Mumbai, Kolkatta, Ahmedabad,
Pune, Bangalore, Hyderabad and Delhi.
ACi is currently undertaking services and maintenance contracts of all
brands of laptops computers under PC Protect Plan. Under this plan, laptops
are covered for all types of failures, malfunction and breakage irrelevant of its
cause. Water damage and theft is also covered by this plan. All claims under
PC Protect Plan are covered by reputed Assurance companies to whom ACi
pays a fixed rate premium per equipment insured. The Company has
successfully pitched PC protect plan to Godrej , Excel Group, Cipla, and some
Insurance agents. Till date the company has sold over 30,000 comprehensive
and non-comprehensive PC Protect Plan cover to various types of users. PC
Protect Plan has given the Company increased profits and immense opportunity
for increase of sale of ACi brand laptops.
The company has Registered office and service set up at Morya Estate,
Lokhandwala, Andheri West, Mumbai. It has in house equipments and machines
for major service and repairs of laptops at Morya Estate. Presently it can not
undertake major chip level repairs (level 4) due to lack of complete set of
machines and equipments. Hence management has planned to set up a new
unit at Vasai and activate existing unit at Gandhinagar to undertake major
repairs effeciently and effectively and thereafter further push PC protect Plan
and plan to undertake local RMA contracts from manufacturers of Laptops
from Taiwan and China.
Milestones
* Since establishment, ACi has achieved a number of awards and accreditations
to affirm the Brand and the Business's position in the market
* ACi won the Best Laptops of the year award in 2002
* ACi won the Best Laptops of the year award in 2003.
* ACi collected a Gold award (for best Value) and a Silver award (for best
performance) in a major group test conducted by Digit in September 2004
involving country's top 43 notebooks.
* ACi has been accredited as the Best Notebook Service Providers in the
country in Feb 2004 - which led to exclusive tie-up with underwriters to offer
comprehensive annual service packs for all brands of notebooks.
* In June 2004, ACi became the first vendor to offer the most comprehensive
cover for notebooks of any brand with both warranty and insurance component
coupled to form industry's unique service offering.
ACi introduced the first sub-30K notebook in India in April 2004 and trigger an
unprecedented boom in the notebook market.
2008
- The Company has splits its face value from Rs10/- to Rs1/-.
2010
-Company has Consolidates its Face value of Shares from Rs 1 to Rs 10
2012
- Allied Computers to launch super low-cost laptop at Rs 4,999 in India
2014
- Allied Computers International (Asia) Ltd has appointed Ms. Reshma Rajesh Malagavakar as a Additional Director of the Company.
2015
-Allied Computers International (Asia) Ltd has informed the Company has changed the Registered Office address from Unit No. 319, Kuber Complex, New Andheri Link Road, Opp. SAB TV, Andheri (W), Mumbai, Maharashtra - 400 053 to new registered office address is Shop No. 104, Citi Mall, New Link Road, Andheri - West, Mumbai - 400 053.
2016
-Allied Computers International (Asia) Ltd has informed that the Company has changed the Registered Office address from Shop No. 104, Citi Mall, New Link Road, Andheri - West, Mumbai - 400 053 to new registered office address is Room No-13 Daulat Nagar Road - 7, Borivali - East Near Jain Derasar, Mumbai-400066 with effect from February 13, 2016.